Real-time processing distributed ledger system

ABSTRACT

A system, computer program product, and method for executing real-time processing of resource transfers using distributed ledger technology is provided. In particular, the system utilizes a private or semi-private blockchain to create a distributed ledger which comprises a record of all resource transfers between a number of entities. The real-time processing system addresses a number of computer technology-centric challenges associated with executing resource transfers. In particular, executing resource transfers on a real-time basis allows the nodes of the blockchain to more evenly distribute computing workload over time when compared to more traditional resource transfer systems that use batch processing to execute transfers.

FIELD OF THE INVENTION

The present invention embraces a system, computer program product, andmethod for executing real-time processing of resource transfers usingdistributed ledger technology.

BACKGROUND

In conducting resource transfers, users may utilize computing systems totransfer resources from one user to another. However, conventionalresource transfer systems typically utilize batch processing to executethe resource transfers and is thus ill-suited to provide real-timeprocessing of resource transfers. Accordingly, there is a need for anefficient and secure way of executing and validating resource transfersin real-time or near real-time.

BRIEF SUMMARY

The following presents a simplified summary of one or more embodimentsof the invention in order to provide a basic understanding of suchembodiments. This summary is not an extensive overview of allcontemplated embodiments, and is intended to neither identify key orcritical elements of all embodiments, nor delineate the scope of any orall embodiments. Its sole purpose is to present some concepts of one ormore embodiments in a simplified form as a prelude to the more detaileddescription that is presented later.

A distributed ledger is created to provide a secure and expedient way tomaintain an electronic record of resource transfers. Data records may bewritten to the distributed ledger to reflect various states of theresource transfer and may include the information necessary to executethe resource transfer, such as the amount of resources to be transferredand the channel through which the resources are to be sent. Authorizedaccess to a select number of data records may automatically be grantedto certain third parties based on smart logic code.

Embodiments of the present invention provide a system, computer programproduct, and computer-implemented method for executing a real-timeresource transfer using distributed ledger technology. In someembodiments, the invention is configured to generate a pending datarecord on the blockchain; validate the pending data record for a firstentity; detect that the pending data record has been validated by asecond entity; convert the pending data record to a permanent datarecord; and append the permanent data record to the blockchain.

In some embodiments, the invention is further configured to read thedata within the permanent data record; detect that data within thepermanent data record references an amount of resources over athreshold; and selectively authorize a third party computing system toaccess the permanent data record.

In some embodiments, validating the pending data record for the firstentity comprises verifying that a threshold number of first entity nodeshave validated the pending data record.

In some embodiments, detecting that the pending data record has beenvalidated by the second entity comprises verifying that a thresholdnumber of second entity nodes have validated the pending data record.

In some embodiments, the pending data record comprises identifier data,the identifier data comprising a unique identifier associated with auser and a unique identifier associated with a recipient.

In some embodiments, the unique identifier associated with a user isassociated with an account of the user with the first entity, whereinthe unique identifier associated with the recipient is associated withan account of the recipient with the second entity.

The features, functions, and advantages that have been discussed may beachieved independently in various embodiments of the present inventionor may be combined with yet other embodiments, further details of whichcan be seen with reference to the following description and drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

Having thus described embodiments of the invention in general terms,reference will now be made to the accompanying drawings, wherein:

FIG. 1 depicts an operating environment, in accordance with oneembodiment of the present invention;

FIG. 2 depicts a block diagram illustrating the computing devices withinthe operating environment in more detail, in accordance with oneembodiment of the present invention; and

FIG. 3 illustrates a process flow for executing a real-time resourcetransfer using a distributed ledger, in accordance with one embodimentof the present invention.

DETAILED DESCRIPTION OF EMBODIMENTS OF THE INVENTION

Embodiments of the present invention will now be described more fullyhereinafter with reference to the accompanying drawings, in which some,but not all, embodiments of the invention are shown. Indeed, theinvention may be embodied in many different forms and should not beconstrued as limited to the embodiments set forth herein; rather, theseembodiments are provided so that this disclosure will satisfy applicablelegal requirements. Like numbers refer to elements throughout. Wherepossible, any terms expressed in the singular form herein are meant toalso include the plural form and vice versa, unless explicitly statedotherwise. Also, as used herein, the term “a” and/or “an” shall mean“one or more,” even though the phrase “one or more” is also used herein.

“Entity” as used herein may refer to an individual or an organizationthat owns and/or operates a system of networked computing devices and/orsystems on which at least a part of the distributed ledger isimplemented. The entity may be a business organization, a non-profitorganization, a government organization, and the like. Typically, thedistributed ledger exists on the computing systems of a plurality ofentities.

“User” as used herein may refer to an individual who may log onto thesystem to utilize the distributed ledger to perform a real-time resourcetransfer. Typically, the user is authorized and/or authenticated by oneor more entities to access the system. Accordingly, the user may be acustomer of an entity who owns an account within the entity's system.Alternatively, the user may also be an employee of the entity.

“Computing system” as used herein may refer to a networked computingdevice on which the distributed ledger is implemented. The computingsystem may include a processor, a non-transitory storage medium, acommunications device, and a display. The computing system may supportuser logins and inputs from any combination of similar or disparatedevices. Accordingly, the computing system may be a portable electronicdevice such as a smartphone, tablet, or laptop, or the computing may bea stationary unit such as a personal desktop computer or networkedterminal within an entity's premises. In some embodiments, the computingsystem may be a local or remote server which is configured to sendand/or receive inputs from other computing systems on the network.

“Account” as used herein may refer to a personalized record kept withinan entity on behalf of a user. Each account is associated with aspecific authorized user and contains information on resources owned bythe user and held by the entity.

“Resource” as used herein may refer to an object under the ownership ofa user which is stored or maintained by the entity on the user's behalf.The resource may be intangible or tangible objects such as data files,documents, biographical data, funds, and the like. Typically, the user'saccount contains records of the resources owned by the user. Accountdata may be stored in an account database within the entity's systems.

“Blockchain” as used herein refers to a distributed ledger of datarecords which are authenticated by a consensus mechanism. Multiplecomputing systems within the blockchain, referred to herein as “nodes”or “compute nodes,” each comprise a copy of the entire ledger ofrecords. Nodes may write a “block” to the blockchain, where the blockmay comprise data and metadata, including a reference to the previous“block” in the chain. In some embodiments, a “data record” may be ablock on the blockchain. By linking blocks in this way, the blockchaincreates a durable history of all relevant records of data andtransactions between entities. In some embodiments, the data may relateto a financial transaction. In some embodiments, the data may be filesor records belonging to an individual or entity. In some embodiments,the block may further comprise a time stamp and a pointer to theprevious block in the chain, where the pointer may be a fix-length hashgenerated by a hash algorithm. In this way, the order of the blocks inhistory may be preserved. In some embodiments, the block may furthercomprise metadata indicating the node that was the originator of thetransaction. In this way, the entire record of transactions is notdependent on a single database which may serve as a single point offailure; the blockchain will persist so long as the nodes on theblockchain persist.

A “private blockchain” as used herein is a blockchain in which onlyauthorized nodes may access the blockchain. In some embodiments, nodesmust be authorized to write to the blockchain. In some embodiments,nodes must also be authorized to read from the blockchain. In someembodiments, once a data record is written to the blockchain, it will beconsidered pending and awaiting authentication by one or more nodes inthe blockchain. Typically, the authentication will be accomplished by aconsensus mechanism, in which a threshold number of nodes belonging toone or more entities must validate a pending data record before it iswritten to the blockchain.

Embodiments of the present invention provide a system, computer programproduct, and method for executing real-time processing of resourcetransfers using distributed ledger technology. In particular, the systemutilizes a private or semi-private blockchain to create a distributedledger which comprises a record of all resource transfers between anumber of entities. In a typical embodiment, a first user having anaccount with a first entity utilizes the system to execute a resourcetransfer to a second user. In some embodiments, the second user may havean account with the first entity. In other embodiments, the second usermay have an account with a distinct second entity. The first entity andthe second entity may each have a plurality of computing systems whichserve as nodes of the blockchain. In such an embodiment, the first usermay utilize the system to request that resources be transferred to theaccount of the second user, where the account is held with the secondentity. Upon receiving the request, the nodes of the first entity andthe nodes of the second entity validate the resource transfer by aconsensus mechanism. Once the resource transfer is validated, a datarecord of the resource transfer is added to the blockchain. The datarecord may contain information such as the time of the transaction, theaccounts involved in the transaction, and the amount of resourcestransferred. In this way, the system provides a secure and efficient wayto conduct resource transfers on a real-time or near real-time basis.

The real-time processing system addresses a number of computertechnology-centric challenges associated with executing resourcetransfers. In particular, executing resource transfers on a real-timebasis allows the nodes of the blockchain to more evenly distributecomputing workload over time when compared to more traditional resourcetransfer systems that use batch processing to execute transfers. In thisway, the system increases the computing efficiency of the computingsystems involved in the resource transfer by reducing the demand forcomputing resources, which may include processing power, memory space,storage space, cache space, electric power, and networking bandwidth.Furthermore, utilizing a private or semi-private blockchain in thismanner provides a secure yet flexible way to selectively provide accessto the data records within the blockchain to certain entities and/orusers. The blockchain provides an immutable history of data recordswhich is resistant to tampering, and eliminates much of theback-and-forth communication between computing systems that is oftennecessary to confirm resource transfers.

FIG. 1 is a block diagram illustrating an operating environment 001, inaccordance with one embodiment of the present invention. The operatingenvironment may include a first entity node 110 in operativecommunication with a second entity node 120 over a network 180. Thefirst entity node 110 may further be in operative communication with auser device 160 over the network 180. The network 180 may, for example,be a global area network (GAN), such as the Internet, a wide areanetwork (WAN), a local area network (LAN), or any other type of networkor combination of networks. The network 180 may provide for wireline,wireless, or a combination wireline and wireless communication betweenthe various devices and computing systems on the network 180.

Typically, the first entity node 110 is owned and/or operated by a firstentity, and the second entity node 120 is owned and/or operated by asecond entity. It should be understood to those having ordinary skill inthe art that individual nodes as depicted herein may represent aplurality of nodes (e.g. the first entity node 110 may representmultiple nodes under control of the first entity). Typically, ablockchain 170 is distributed amongst the first entity nodes 110 and thesecond entity nodes 120, where the blockchain is private orsemi-private. Each first entity node 110 and second entity node 120comprise a copy of the blockchain 170. In this way, the blockchain 170is decentralized to provide for greater reliability of data as well asmaking the system less susceptible to failure. The blockchain 170 maycomprise one or more data records 140 that contain information regardingresource transfers. In some embodiments, the information regardingresource transfers may include data on transfers from an account withthe first entity to an account with the second entity. For instance, thefirst entity and the second entity may be financial institutions, andthe resource transfer may be a transaction to transfer funds from oneaccount to another. In such embodiments, the information about thetransfer may include the amount of funds to be transferred, the accountsinvolved in the transaction, a timestamp of the transaction, and thelike. The blockchain 170 may further comprise one or more pending datarecords 150 which are created when the system receives a request for aresource transfer. A pending data record 150 is a data record that hasnot been validated and/or authenticated by the system, and thus has notbeen added as a permanent block in the blockchain. The pending datarecord 150 may require that the nodes in the system validate the pendingdata record 150 through a consensus mechanism. For instance, if thepending data record 150 refers to a transaction between accounts heldwith the first entity and the second entity, the system may require athreshold number of first entity nodes 110 and second entity nodes 120to confirm that the pending data record 150 is valid. The thresholdnumber of nodes needed to validate the transaction may be selected tobalance validation speed versus transaction reliability and security(i.e. requiring fewer nodes to validate a transaction may lead to highercomputing speeds but relatively lower security and/or reliability, andvice versa). Once the pending data record 150 has been validated by thethreshold number of first entity nodes 110 and second entity nodes 120,the pending data record 150 becomes a permanent, immutable data record140 within the blockchain 170. Organizing data records 140 within theblockchain 170 in this manner ensures the authenticity of theinformation within the data records 140, which makes the blockchain 170naturally tamper-resistant compared to traditional forms of datastorage.

Typically, the system receives a resource transfer request from a user170 via a user device 160. The user device 160 may be a mobile devicesuch as a smartphone, tablet, or laptop, a personal computing devicesuch as a desktop computer, smart device, single board computer, or adevice owned and operated by an entity, such as a computer systemterminal located on the entity's premises. It should be understood bythose of ordinary skill in the art that the various devices andcomputing systems as depicted herein may be embodied in a single deviceor computing system or multiple devices and/or computing systems in adistributed manner. The user 170 may be an individual who owns anaccount with the first entity and wishes to execute a resource transfer,such as a real-time transfer of funds, to another individual who may ownan account with a second entity. The user 170, through the user device160, may log onto the first entity node 110 to upload a request for theresource transfer. Once a pending data record 150 is validated to becomea data record 140 as described above, the resources are transferred inreal time or near real time to the account of the recipient, and thusbecome available for use by the recipient in real time or near realtime.

In some embodiments, the user 170 may, through the user device 160, begranted access to view the records for transactions in which the userwas involved (e.g. instances in which the system was used to send orreceive resources). In such embodiments, the system may selectivelyauthorize and/or authenticate the user 170 to selectively provide theuser with access to only those data records 140 to which the user was aparty. The system may authenticate the user 170 using variousauthentication methods, which may include cryptographic keys,credentials such as a password or PIN, biometric data, and the like. Theuser 170 and the recipient of the resource transfer may each have aunique identifier within the system. The unique identifier may, forinstance, be a user name, account ID, cryptographic hash, or the like.By utilizing unique identifiers in this way, the system allows users 170to transfer and receive resources with one another without revealingsensitive personal information.

In some embodiments, the first entity node 110 and the second entitynode 120 may further be in operative communication with a third partycomputing system 130 over the network 180. The third party computingsystem 130 may be owned and operated by a third party that wishes toaccess at least a portion of the data records 140 within the blockchain170. For example, the third party may be a government or regulatory bodythat requires access to data records 140 on the blockchain 170 thatinvolve the first entity, where the first entity may be a financialinstitution. The system may selectively grant access of said specificdata records 140 to the third party computing system 130 whilerestricting access to other data records 140. In this way, the systemprovides an efficient and reliable way to provide snapshots of certaindata records 140 within the blockchain 170 at a particular point intime.

In some embodiments, the system may utilize smart logic, such as smartcontracts to control access to the data records 140 within theblockchain 170. “Smart contract” as used herein may refer to a computerprogram which executes certain transactions or processes based on thesmart contract's protocols. For instance, a third party (e.g. aregulatory body) may require that entities disclose any and alltransactions of funds over a certain threshold. The smart contract maybe configured such that the third party computing systems 130 of certainthird parties (e.g. the regulatory body, state or federal courts, etc.)are automatically sent a notification regarding transfers that exceedthe threshold. The system may further automatically grant the thirdparty computing systems 130 access to the data records 140 that containinformation on said transfers exceeding the threshold. Due to thetamper-resistant nature of the blockchain 170, the third partiesinvolved may be more confident in the authenticity of the informationwithin the data records 140, which may be critically important for legalor regulatory applications.

FIG. 2 is a block diagram illustrating the first entity node 110, thesecond entity node 120, the third party computing system 130, and theuser device 160 in more detail, in accordance with one embodiment of thepresent invention. The first entity node 110 typically contains aprocessor 221 communicably coupled to such devices as a communicationinterface 211 and a memory 231. The processor 221, and other processorsdescribed herein, typically includes circuitry for implementingcommunication and/or logic functions of the various computing systems,including the first entity node 110. For example, the processor 321 mayinclude a digital signal processor device, a microprocessor device, andvarious analog to digital converters, digital to analog converters,and/or other support circuits.

The first entity node 110 may use the communication interface 211 tocommunicate with other devices over the network 180. The communicationinterface 211 as used herein may include an Ethernet interface, anantenna coupled to a transceiver configured to operate on a cellulardata or WiFi signal, and/or a near field communication (“NFC”)interface.

The first entity node 110 may include a memory 231 operatively coupledto the processor 221. As used herein, “memory” includes any computerreadable medium (as defined herein below) configured to store data,code, or other information. The memory may include volatile memory, suchas volatile Random Access Memory (RAM) including a cache area for thetemporary storage of data. The memory may also include non-volatilememory, which can be embedded and/or may be removable. The non-volatilememory can additionally or alternatively include an electricallyerasable programmable read-only memory (EEPROM), flash memory or thelike. A blockchain application 241 may be stored within the memory 231of the first entity node 110, where the blockchain application 214comprises the code portions necessary for implementing and maintainingthe blockchain. When executed, the blockchain application 241 may runthe processes necessary functions to conduct resource transfers usingthe blockchain. Typically, the first entity node 110 is configured,through the blockchain application 241, to detect incoming requests fora resource transfer. Upon detecting an incoming request, the firstentity node 110 may generate a pending data record which comprisesinformation regarding the resource transfer, such as the amount ofresource to be transferred, the sender's account information, therecipient's account information, the time of the transfer, and the like.The pending data record may be partially validated by a threshold numberof first entity nodes 110 and await further validation by the thresholdnumber of second entity nodes 120 to complete the validation process.The blockchain application 241 may further contain smart logic codeportions such as smart contracts to automatically execute certainfunctions within the blockchain. For instance, a smart contract mayautomatically give access to certain data records to certain thirdparties, such as legal or regulatory bodies, based on certain criteria,such as amount of resources transferred, the entities involved in thetransfer, the time of the transfer, and the like.

The second entity node 120 may comprise a communication interface 212, aprocessor 222, and a memory 232 having the blockchain application 241stored thereon. The second entity node 120 may, through the blockchainapplication 241, detect that a pending data record has been generated bythe first entity node 110. The second entity node 120 may further detectthat the pending data record has been validated by the threshold numberof first entity nodes 110. The second entity node 120 may then validatethe pending data record using the threshold number of second entitynodes 120. Once both the first entity nodes 110 and the second entitynodes 120 have validated the pending data record, the pending datarecord is permanently appended to the preceding block in the blockchain.

The user device 160 may comprise a processor 226 operatively coupled toa communication interface 216 and a memory 236, the memory 236 having auser application 246 stored thereon. The user device 160 may be ownedand operated by a user 170. Accordingly, the user device 160 may be aportable device such as a laptop, smart device, smartphone, tablet, andthe like, or it may be a stationary device such as a desktop computer,Internet-of-things device, and the like. Typically, the user 170interacts with the user device 160 through a user interface 256. Theuser interface 256 may comprise various devices and/or software neededto receive input and provide output to the user, which may include inputdevices such as keyboards, touchscreens, motion sensors, video/imagecameras, biometric sensors, microphones, and the like, as well as outputdevices such as sound devices (e.g. speakers, headphones), displaydevices (e.g. screens, monitors, projectors), and the like. The userapplication 246 may comprise the software necessary for the user 170 tosend resource transfer requests to the system and/or gain access to thedata records for which the user 170 is authorized.

The third party computing system 130 typically also includes a processor223 operatively coupled to a communication interface 213 and a memory233. The memory 333 may contain a third party application 243 whichallows the third party computing system 130 to gain access to a portionof the data records within the blockchain. The third party computingsystem 130 is typically owned and operated by a third party such as anentity such as a financial institution, a recipient of a resourcetransfer (e.g. a recipient of funds transferred by the user), aregulatory agency, a federal/state court, and the like. The smartcontracts within the blockchain application 241 may be configured toautomatically grant the third party computing system 130 with access tocertain data records based on certain criteria. For instance, the smartcontract may be configured to grant the access to a third partycomputing system 130 to all data records within the blockchain in whichthe third party either received or transferred resources. In otherembodiments, the smart contract may grant access to a court orregulatory agency to provide the court with evidence of transactionsthat involve one or more entities specified by the court or regulatoryagency.

FIG. 3 illustrates a process flow for executing a real-time resourcetransfer using a distributed ledger, in accordance with one embodimentof the present invention. The process begins at block 300, the systemreceives a resource transfer request from a user. Typically, the usersends the resource transfer request from a user device by logging ontothe system using a unique identifier associated with the user. Theunique identifier may, for instance, be an alphanumeric user ID, a PIN,a cryptographic hash, and the like. The resource transfer request may,for instance, be a request to transfer funds from the user's accountwith a first entity to a recipient's account. In some embodiments, therecipient's account may also be with the first entity. In otherembodiments, the recipient's account may be with a second entity. Theresource transfer request may further contain information about thetransfer, such as the amount of funds to be transferred, the time atwhich the transfer is to take place (typically real-time or nearreal-time), and the like. In some embodiments, the resource transferrequest may further include attached data, which may include data suchas electronic documents, images, video/audio media files, and the like.The resource transfer request may further contain a unique identifierassociated with the recipient of the resource transfer. In this way, thesystem may utilize unique identifiers to control the flow of resourceswithout requiring its users to provide or receive sensitive personalinformation.

The process continues to block 301, where the system generates a pendingdata record on the blockchain. The system may extract the data from theresource transfer request to generate a pending data record, which asused herein may be a data record that has not yet been validated tobecome a permanent part of the blockchain. Typically, the pending datarecord contains the information provided by the user in the resourcetransfer request. For instance, if the resource transfer request is arequest to transfer funds, the pending data record may containinformation on the amount of funds to be transferred, the uniqueidentifiers associated with the user and the recipient, any relevantattachments, and the like. In some embodiments, the system may identifythe account from which funds are to be withdrawn based on the uniqueidentifier associated with the user. The system may encrypt the uniqueidentifier and/or account information of the user before including theinformation in the blockchain, such as by using a cryptographic hash. Inthis way, if the pending data record becomes a permanent data record onthe blockchain, the unique identifier and/or account information of theuser will not be accessible to subsequent third party viewers of thedata record. At this stage, the pending data record has not yet beenwritten to the blockchain. In some embodiments, the system may requirethat a threshold number of nodes validate the pending data record usinga consensus mechanism. For instance, in the case of a transfer of fundsbetween accounts of the same entity, the pending data record may onlyrequire validation by nodes within the first entity. That said, inembodiments in which the transfer of funds occurs between accounts oftwo distinct entities, the pending data record may require validation bya number of nodes within the first entity as well as a number of nodeswithin the second entity. In other words, both the first entity andsecond entity must verify and confirm that the transaction is validbefore the pending data record is allowed to be written to theblockchain as a permanent data record.

The process continues to block 302, where the system validates thepending data record for a first entity. Typically, a threshold number ofnodes within the first entity must validate the pending data record. Tothis end, the system may verify that the unique identifier of the useris associated with an account held with the first entity. The system mayfurther verify that the account associated with the user has asufficient amount of funds to cover the transfer, as found in thepending data record. In some embodiments, the system may require that athreshold number of first entity nodes validate the pending data recordbefore it is added to the blockchain. The more first entity nodes arerequired to validate the pending data record, the more certainty thesystem gains in ensuring that the pending data record contains thecorrect information for a valid, authorized transaction. On the otherhand, if fewer first entity nodes are required to validate the pendingdata record, validating the pending data record will lower computingresource requirements on the first entity nodes. Accordingly, the systemmay adjust the threshold upwards or downwards to achieve an optimumbalance between security and efficiency.

The process continues to block 303, where the system detects that thepending data record has been validated by a second entity. The systemmay be configured such that the pending data record must further bevalidated by a threshold number of second entity nodes. For instance, ifthe transfer occurs between accounts held by distinct entities (e.g. thesender's account is held with the first entity while the recipient'saccount is held with the second entity), both entities must confirm thevalidity of the transaction in order to validate the pending datarecord. Accordingly, the second entity nodes may verify that the uniqueidentifier associated with the recipient is associated with an existingaccount with the second entity. As was the case with the first entitynodes, the system may require that a threshold number of second entitynodes validate the transaction.

The process continues to block 304, where the system converts thepending data record to a permanent data record. Once the system verifiesthat the threshold number of first entity nodes and the threshold numberof second entity nodes have validated the transaction, the system mayconvert the pending data record to a permanent data record. At thispoint, the system has recognized that the pending data record reflectsinformation about a valid transaction and that the information withinthe pending data record has been authenticated to a sufficient level ofconfidence. The permanent data record is then ready to be immutablyincorporated into the blockchain.

The process concludes at block 305, where the system appends thepermanent data record to the blockchain. Once the permanent data recordis appended to the blockchain, it becomes an immutable part of theblockchain. The permanent data record may contain a reference to theprevious blockchain, where the reference may be a cryptographic hash. Atthis point, the funds have been transferred to the recipient's account,and the permanent data record is subject to the logic of any smartcontracts within the blockchain application. For instance, if a smartcontract exists that reports all transactions above a certain thresholdto a third party, the permanent data record will be configured to beaccessed by the third party if the permanent data record concerns atransaction that meets or exceeds said threshold. The process asdescribed herein typically takes place in real-time or near real-time toprovide an on-demand resource transfer process that integrates variousplatforms and technologies. In other words, the users of the system haveno need to be aware of the compatibilities between the accounts in thesystem, and thus the system provides a secure and efficient way forusers to transfer resources to one another.

Each communication interface described herein generally includeshardware, and, in some instances, software, that enables the computersystem, to transport, send, receive, and/or otherwise communicateinformation to and/or from the communication interface of one or moreother systems on the network. For example, the communication interfaceof the user input system may include a wireless transceiver, modem,server, electrical connection, and/or other electronic device thatoperatively connects the user input system to another system. Thewireless transceiver may include a radio circuit to enable wirelesstransmission and reception of information.

In this way, the invention leverages a distributed ledger in thetracking of resource distributions and payment transactions along a lifecycle. Payment transactions may be received at the entity, such as afinancial institution across many payment rails, some of these rails maybe message only transactions while others contain message and monetaryvalue exchange as well. This system may allow for rail tracking of nearreal-time payment monetary value exchange processing.

A distributed ledger may create a viable technical solution by receivingpayment requests coming from multiple external sources and networks thatrequire near real-time analysis to determine the liquidity or positionof the entity with the outside source as well as the overall position ofthe entity within the network and across the payment exchange.

The system provides a way to track a transaction, the current state ofthe transaction, the final position of the transaction, and the historyof the transaction to allow authorized access to this information inefficient and disturbed way while ensuring only authorized updates aremade and each update is confirmed immutable and accurate using thedistributed ledger application.

As such the distributed ledger is constantly hooked or coded into themessaging process and is turned on and recording when desired, as suchproviding a transaction tracing implementation system response. Onceaccess to the transaction is created and there is no slowdown in thenetwork processing and the system can track the processing of the singletransaction. In this way, the system may allow for immediatereconciliation of payment transactions for a selected time frame. Insome embodiments, the system may allow for unconfirmed position analysisto estimate the value payment types are holding at certain intervals orin various accounts. In some embodiments, the system may allow forimmutable/undeniable information about the transaction for audit, legal,and/or regulatory purposes. The system may impart limits on what levelof payment information is available for visualization. In someembodiments, the system may allow for operational analysis such that thedistributed ledger may be used to accurately predict if certaincharacteristics of a payment will lead to stalls in processing or thelike.

The invention includes a distributed ledger that contains paymenttransactions that record value, payment type, and rail used for paymentprocessing. Monetary transactions or store of value is not moved throughthe distributed ledger but recorded in the ledger in a state/statusappropriate for its point in the life-cycle of the payment. Authorizedaccess can be given to partner entities, internal organizations, systemsand engines to evaluate financial positions, operation analysis, crimesanalysis, data analysis for predictive, prescriptive, and descriptivereporting.

As will be appreciated by one of ordinary skill in the art, the presentinvention may be embodied as an apparatus (including, for example, asystem, a machine, a device, a computer program product, and/or thelike), as a method (including, for example, a business process, acomputer-implemented process, and/or the like), or as any combination ofthe foregoing. Accordingly, embodiments of the present invention maytake the form of an entirely software embodiment (including firmware,resident software, micro-code, and the like), an entirely hardwareembodiment, or an embodiment combining software and hardware aspectsthat may generally be referred to herein as a “system.” Furthermore,embodiments of the present invention may take the form of a computerprogram product that includes a computer-readable storage medium havingcomputer-executable program code portions stored therein.

As the phrase is used herein, a processor may be “configured to” performa certain function in a variety of ways, including, for example, byhaving one or more general-purpose circuits perform the function byexecuting particular computer-executable program code embodied incomputer-readable medium, and/or by having one or moreapplication-specific circuits perform the function.

It will be understood that any suitable computer-readable medium may beutilized. The computer-readable medium may include, but is not limitedto, a non-transitory computer-readable medium, such as a tangibleelectronic, magnetic, optical, infrared, electromagnetic, and/orsemiconductor system, apparatus, and/or device. For example, in someembodiments, the non-transitory computer-readable medium includes atangible medium such as a portable computer diskette, a hard disk, arandom access memory (RAM), a read-only memory (ROM), an erasableprogrammable read-only memory (EPROM or Flash memory), a compact discread-only memory (CD-ROM), and/or some other tangible optical and/ormagnetic storage device. In other embodiments of the present invention,however, the computer-readable medium may be transitory, such as apropagation signal including computer-executable program code portionsembodied therein.

It will also be understood that one or more computer-executable programcode portions for carrying out the specialized operations of the presentinvention may be required on the specialized computer includeobject-oriented, scripted, and/or unscripted programming languages, suchas, for example, Java, Perl, Smalltalk, C++, SAS, SQL, Python, ObjectiveC, and/or the like. In some embodiments, the one or morecomputer-executable program code portions for carrying out operations ofembodiments of the present invention are written in conventionalprocedural programming languages, such as the “C” programming languagesand/or similar programming languages. The computer program code mayalternatively or additionally be written in one or more multi-paradigmprogramming languages, such as, for example, F#.

Embodiments of the present invention are described above with referenceto flowcharts and/or block diagrams. It will be understood that steps ofthe processes described herein may be performed in orders different thanthose illustrated in the flowcharts. In other words, the processesrepresented by the blocks of a flowchart may, in some embodiments, be inperformed in an order other that the order illustrated, may be combinedor divided, or may be performed simultaneously. It will also beunderstood that the blocks of the block diagrams illustrated, in someembodiments, merely conceptual delineations between systems and one ormore of the systems illustrated by a block in the block diagrams may becombined or share hardware and/or software with another one or more ofthe systems illustrated by a block in the block diagrams. Likewise, adevice, system, apparatus, and/or the like may be made up of one or moredevices, systems, apparatuses, and/or the like. For example, where aprocessor is illustrated or described herein, the processor may be madeup of a plurality of microprocessors or other processing devices whichmay or may not be coupled to one another. Likewise, where a memory isillustrated or described herein, the memory may be made up of aplurality of memory devices which may or may not be coupled to oneanother.

It will also be understood that the one or more computer-executableprogram code portions may be stored in a transitory or non-transitorycomputer-readable medium (e.g., a memory, and the like) that can directa computer and/or other programmable data processing apparatus tofunction in a particular manner, such that the computer-executableprogram code portions stored in the computer-readable medium produce anarticle of manufacture, including instruction mechanisms which implementthe steps and/or functions specified in the flowchart(s) and/or blockdiagram block(s).

The one or more computer-executable program code portions may also beloaded onto a computer and/or other programmable data processingapparatus to cause a series of operational steps to be performed on thecomputer and/or other programmable apparatus. In some embodiments, thisproduces a computer-implemented process such that the one or morecomputer-executable program code portions which execute on the computerand/or other programmable apparatus provide operational steps toimplement the steps specified in the flowchart(s) and/or the functionsspecified in the block diagram block(s). Alternatively,computer-implemented steps may be combined with operator and/orhuman-implemented steps in order to carry out an embodiment of thepresent invention.

While certain exemplary embodiments have been described and shown in theaccompanying drawings, it is to be understood that such embodiments aremerely illustrative of, and not restrictive on, the broad invention, andthat this invention not be limited to the specific constructions andarrangements shown and described, since various other changes,combinations, omissions, modifications and substitutions, in addition tothose set forth in the above paragraphs, are possible. Those skilled inthe art will appreciate that various adaptations and modifications ofthe just described embodiments can be configured without departing fromthe scope and spirit of the invention. Therefore, it is to be understoodthat, within the scope of the appended claims, the invention may bepracticed other than as specifically described herein.

What is claimed is:
 1. A system for processing a real-time resource transfer using distributed ledger technology, the system comprising: a first entity node comprising: a processor; a communication interface; and a memory having a blockchain application stored therein, wherein the blockchain application comprises a blockchain comprising a plurality of data records, wherein the blockchain application, when executed by the processor, causes the processor to: receive a resource transfer request from a user device; generate a pending data record on the blockchain; validate the pending data record for a first entity; detect that the pending data record has been validated by a second entity; convert the pending data record to a permanent data record; and append the permanent data record to the blockchain.
 2. The system according to claim 1, wherein the blockchain application further comprises smart code portions configured to: read the data within the permanent data record; detect that data within the permanent data record references an amount of resources over a threshold; and selectively authorize a third party computing system to access the permanent data record.
 3. The system according to claim 1, wherein validating the pending data record for the first entity comprises verifying that a threshold number of first entity nodes have validated the pending data record.
 4. The system according to claim 1, wherein detecting that the pending data record has been validated by the second entity comprises verifying that a threshold number of second entity nodes have validated the pending data record.
 5. The system according to claim 1, wherein the pending data record comprises identifier data, the identifier data comprising a unique identifier associated with a user and a unique identifier associated with a recipient.
 6. The system according to claim 5, wherein the unique identifier associated with a user is associated with an account of the user with the first entity, wherein the unique identifier associated with the recipient is associated with an account of the recipient with the second entity.
 7. A computer program product for processing a real-time resource transfer using distributed ledger technology, the computer program product comprising at least one non-transitory computer readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising: an executable portion for receiving a resource transfer request from a user device; an executable portion for generating a pending data record on the blockchain; an executable portion for validating the pending data record for a first entity; an executable portion for detecting that the pending data record has been validated by a second entity; an executable portion for converting the pending data record to a permanent data record; and an executable portion for appending the permanent data record to the blockchain.
 8. The computer program product according to claim 7, the computer-readable program code portions further comprising: an executable portion for reading the data within the permanent data record; an executable portion for detecting that data within the permanent data record references an amount of resources over a threshold; and an executable portion for selectively authorizing a third party computing system to access the permanent data record.
 9. The computer program product according to claim 7, wherein validating the pending data record for the first entity comprises verifying that a threshold number of first entity nodes have validated the pending data record.
 10. The computer program product according to claim 7, wherein detecting that the pending data record has been validated by the second entity comprises verifying that a threshold number of second entity nodes have validated the pending data record.
 11. The computer program product according to claim 7, wherein the pending data record comprises identifier data, the identifier data comprising a unique identifier associated with a user and a unique identifier associated with a recipient.
 12. The computer program product according to claim 11, wherein the unique identifier associated with a user is associated with an account of the user with the first entity, wherein the unique identifier associated with the recipient is associated with an account of the recipient with the second entity.
 13. A computer-implemented method for processing a real-time resource transfer using distributed ledger technology, said method comprising: receiving a resource transfer request from a user device; generating a pending data record on the blockchain; validating the pending data record for a first entity; detecting that the pending data record has been validated by a second entity; converting the pending data record to a permanent data record; and appending the permanent data record to the blockchain.
 14. The computer-implemented method according to claim 13, the method further comprising: reading the data within the permanent data record; detecting that data within the permanent data record references an amount of resources over a threshold; and selectively authorizing a third party computing system to access the permanent data record.
 15. The computer-implemented method according to claim 13, wherein validating the pending data record for the first entity comprises verifying that a threshold number of first entity nodes have validated the pending data record.
 16. The computer-implemented method according to claim 13, wherein detecting that the pending data record has been validated by the second entity comprises verifying that a threshold number of second entity nodes have validated the pending data record.
 17. The computer-implemented method according to claim 13, wherein the pending data record comprises identifier data, the identifier data comprising a unique identifier associated with a user and a unique identifier associated with a recipient.
 18. The computer-implemented method according to claim 17, wherein the unique identifier associated with a user is associated with an account of the user with the first entity, wherein the unique identifier associated with the recipient is associated with an account of the recipient with the second entity. 